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Originally Posted by Flamenspiel
I think someone back a few posts that said it was just like London or New York..I had to laugh at that, but if its true then the Vancouver market should be able to withstand extra taxes, vacancy charges, rent controls, congestion charges, and all the other disincentives that those other places have.
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As prices spread across New York's boroughs, gentrification soon followed, and a new class of young urban professionals sprung up, driving economic growth even higher.
So much of that has not happened in Vancouver. Previously low-cost neighbourhoods have just become mortgage traps for people less and less able to afford mortgage payments, and all the associated costs with raising a family.
There are no big paying jobs in this city, unless you work for a developer or have a neat little real estate scheme humming along.
Vancouver is also significantly larger in total geographic size than London or New York, and still prices have increased on pace.
Quality of life is high here for some. Move away from the desirable neighbourhoods along the beach front, and you are in a suburb same as anywhere else in Canada.